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Questions -
Q1. A $100,000 mortgage note was created, and the note entailed equal monthly payments of $2,500. The interest rate is 1% per month. How much principal payment in the second month?
a. $985
b. $1,515
c. $2,500
d. $1,000
e. None of these
Q2. The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities?
Accounts Payable$32,000
Deferred Income Taxes $61,000
Interest Payable $17,000
Current Portion of Long-term Notes $19,000
Mortgage$92,000
Notes Payable-Short term $11,000
Notes Payable-Long term $41,000
Salaries Payable $7,000
Taxes Payable $23,000
Unearned Revenue $15,000
a. $217,000
b. $194,000
c. $109,000
d. $213,000
e. $124,000
Are you available to provide immediate assistance for about 10 accounting problems? Files to follow.
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